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Looking for financing for non warrantable condos in Florida?

We are looking to purchase a vacation home. We have an excellent credit score, above 800. What is the best rate that we could qualify for? by gwyn.64222 from New Smyrna Beach, Florida. Oct 8th 2015 Reply


Kenneth Kopper (KenKopper)
#1 ranked lender in Maryland - 519 contributions

Gwyn, you will probably be looking at rates in the high 4's to mid 5% range depending on what type of loan program you choose. The ability to shop for rates with these types of loans will come secondary to finding lenders that can offer this type of financing. What is the reason that the condo is Non-Warrantable?

Oct 9th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

Your biggest challenge is finding a lender who will do a non warrantable condo, so forget about the interest rate.. This is going to be a very difficult loan to find for several reasons.. one, it's a non warrantable condo.. and two, it's a vacation home.. Although there are lenders who pitch they do non warrantable condo's, very very few who apply actually get approved.. the lender still has a list of acceptable risk factors, so it's not a guarantee until they review the complete financials and condo questionnaire associated with the project.. and if they ultimately do accept the project.. the rate will be higher than conforming rates.. expect to pay 5% to 8%. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 9th 2015
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